The public will get a chance to weigh in Feb. 4 on the redevelopment plan that includes public financing for the Shamrock Trading Co. office expansion at 95th Street and Metcalf Avenue in Overland Park.
The new office towers are planned for the site of the former French Market. They will add space for operations at Shamrock as it enlarges its presence in Overland Park. The development would put three new office towers in the vacant space where Kmart and China Star Restaurant once were.
The tax increment financing plan that will be discussed in February is less than what was originally asked. It would be for 85 percent of the tax increment – the amount from increased property values because of the project – or $40 million, whichever is less. The company had originally asked for $48 million in tax increment financing proceeds. The total project cost is around $261.9 million.
City council members have been supportive of the project, which would add 1,000 new jobs over the next 10 years. But some had earlier questioned the original request for 100 percent of the tax increment. The city’s policy limits the amount of the increment that can be used by the developer at 90 percent.
The city planning commission recently ruled that the project conformed to the city’s comprehensive plan.